When Bush lifted the executive moratorium on off shore drilling, and now oil is $20 less than a week ago?

Was that coincidence?


Or is it just more proof that Bush is ahead of the curve once again over the Dem led Congress?When Bush lifted the executive moratorium on off shore drilling, and now oil is $20 less than a week ago?
If you invest in oil on the commodities market, you invest hoping that the price will go up. That $100 dollars a barrel becomes $150 dollars a barrel a month later.





Once it gets to $150 dollars a barrel, you're happy and hope it will continue to go up.





If something happens that makes you think the price is going to go down, you sell your investment and take your profit.





A lot of other people do the same thing and the price goes down.





The potential for increased supply, just the potential, caused investors to take their profits - that is it, nothing other than a governmental announcement that made it possible that there would be a significant increase in supply.





If Bush announced tomorrow that we're going bomb Iran, the price would go back up, whether we actually bombed Iran or not.When Bush lifted the executive moratorium on off shore drilling, and now oil is $20 less than a week ago?
Probably was a coincidence. Especially due to the fact that congress still has to lift their moratorium on off shore drilling. So what bush is nothing but an empty gesture until congress does the same thing.





I personally, think that our current gas prices have nothing to do with supply. There is plenty right now. Some of it is due to speculators artificially raising the price, some is due to the low value of the dollar from all our foriegn debt, and some is due to oil companies wanting to make as much money as is possible.
it obviously shows that democrats dont understand how powerful of a physiological impact could have on oil prices just getting a tiny bit closer to domestic drilling had oil drop like a stone but they continue to block drilling imagine how much oil would drop tomorrow if the ban was actually taken away with how stocks react to oil the we might be able to keep the recession at bay.
I think all Americans are missing the big point - it's not the price of oil, it's the value of our dollars that's causing our problems, something Bush %26amp; company don't want us to look at or even try to understand gotta keep up that 2 billion a week for that Iraq Freedom which has every thing to do with the value of our dollars.
Yes! This only goes to show the effect of good news on the speculators!


The idea that oil might soon have a stable source in our country caused the speculators and/or Big Oil to bring down the prices. As stated above, what if we got the do-nothing Congress to act and really lift the ban on drilling! WOW!
Bush has been the Dems DADDY for almost 8yrs. This issue of drilling is almost universally supported by Americans. Trouble is the only drilling Dems will approve of is what they do to each other in those San Francisco gay bath houses.
It's a coincidence. Not one more drop of oil has been produced by the lifting of the moratorium so it either has to be a matter of supply and demand or the threats of the Democrat led Congress to make speculation far less attractive. Nice try though.
Scott- How about a reference site? I heard something about this, but haven't found it in the papers or Google News.





But regardless, I sure am glad Bush did SOMETHING, and even happier that it worked.





(All I can find is references to Bush calling for a lifting of the ban- Is that it?)
No coincidence. Experts have been saying all along a commitment to drill would aid in lowering the price. No thanks to Pelosi %26amp; the dems. I still cannot fathom why congress isn't doing everything to expand US supplies of oil, now.
Not completely.





It did not resolve anything, but it did show futures commodity traders that someone is serious.





The dollar has rebounded a bit. This is a better explanation.
Sources?





EDIT:





In other words, you don't have any sources. Do you seriously expect me to believe you? A random person on Yahoo Answers? Perhaps you do not know what the word source means. www.dictionary.com is your friend :)
No, it has to do with a glut of oil and gasoline sitting at refineries.





Americans are cutting back on driving and flying and thus not using as much oil.
Good observation. I agree 100%. When the price of oil goes up, liberals blame him, but when it comes down, they don't give him any credit. More typical Bush-Bashing by liberals.
Dems saying that ';drilling wont help us now';, just like they said a few years ago, they need to think ahead. The solution has many side, drill, explore nre energy, decrease demand etc.
lets wait and see if this is a temporary lull or if it sticks or continues to sink.......im perfectly content to lay this at the feet of the dems, i think its too early just yet
Gas is still four dollars and ten cents .... didn't help me any!
I have said for months that within hours of declaring that we would drill and build refineries, the price would drop. I was wrong. Even a non-binding executive order which has NO NUTS to it without Congress' approval brought prices down. And the liberals said it would take 10 years. If we actually approved drilling and refinery building, OPEC would drop prices, and speculators would DUMP their crap, and prices would be back to $50-70/barrel within 2 months.





WRITE CONGRESS TODAY AND DEMAND IMMEDIATE ACTION!





washyo....UM...EVERY SINGLE NEWS SOURCE THAT REPORTS THE PRICE OF OIL IS A SOURCE!!! Where have you been? In a cave?


ADDED FOR WASHYO...Oil was $147/barrel less than 2 weeks ago. It is $125/barrel today. LOOK IT UP! You can find it on every news source, Google ';oil prices'; whatever. EVERYONE KNOWS that oil prices have dropped unless you are in a cave or your head is up your...you get the picture.





caldude...funny, AAA says that we are still traveling at over 90% nationally, and are traveling outside of the country at 125% of normal, and oil prices have fallen almost 20% IN TWO WEEKS, and magically corresponded with BUSH's announcement.





for those looking for a link to Bush lifting ban...HERE IS THE LINK...Or you could have googled ';Bush lifts ban on drilling'; and found it RIGHT ON TOP!